ICICI securities lists with negative gains

ICICI Securities, on Wednesday made a weak debut by listing at Rs.435 on NSE on a discount of 16.35 per cent to the issue price of Rs. 520, whereas on BSE the stock got listed at Rs. 431.10 with a decline of 17.10 percent. 

ICICI Securities reduced the size of its IPO to around 3,500 crore after it witnessed low subscription during its sale in 22-26 March, however the company has successfully raised approximately Rs. 3,500 crore from its OFS (Offer For Sale). 

The company’s revenue driver is its retail customer base, which contributes to 90 per cent of its total brokerage revenue in FY17. 

ICICI Securities offers a wide range of financial products including investment banking, institutional broking, retail broking, private wealth management and financial product distribution. The company is the largest equity broker in India since fiscal 2014 by brokerage revenue. 

On 1:12 pm ,the stock is quoting at Rs.449.40 per share,  which is 4.9 percent higher than its opening price